Bitcoin has once again crossed the $67,000 threshold, marking a 1.19% increase within the last 24 hours, according to CoinMarketCap data. This surge suggests newfound stability for Bitcoin in this price range amid widespread projections of further growth. Popular crypto analyst Rekt Capital has shared a scenario via X in which Bitcoin could potentially build on its recent positive performance.
On July 20, Rekt Capital divulged that Bitcoin closed its daily candle above the critical support level of $65,000. The analyst proposed that if Bitcoin dips to this level again, similar to mid-May levels, and successfully retests, it could trigger a renewed price rally. Should this scenario play out as predicted, Rekt Capital foresees Bitcoin reaching as high as $71,500, a level it last touched in early June. However, the analyst also posited that Bitcoin might not see significant gains beyond this figure in the short term. Instead, Bitcoin could enter a range-bound market between $65,000 and $71,500, potentially lasting through August.
A breakout from this range could propel Bitcoin past its all-time high of $73,750. Conversely, if the $65,000 support fails, Bitcoin’s price could fall to $60,000. Under heavy selling pressure, akin to that experienced in the first week of July, Bitcoin could drop further to approximately $56,000 – $58,000.
Currently, Bitcoin is trading at $67,394, boasting a 13.5% increase over the past seven days. Its price performance remains positive across all major time frames, with gains of 4.05% and 125.27% over the past month and twelve months, respectively.
In other developments, a “smart” crypto whale has been actively accumulating Bitcoin. This whale acquired 213.78 BTC (worth $14.48 million) on Saturday, totaling 677 BTC ($45.6 million) over the last four days. Known for buying Bitcoin at lower prices and selling high, this trader has earned over $30 million in profit from just two trades in the past year. With the whale currently in another accumulation phase, Bitcoin could be primed for substantial gains in the coming months.
